Falco Resources Announces Exploration Project For 2017

Falco Resources Announces Exploration Project For 2017

By: Tomas Ronolski - AllPennyStocks.com News

Tuesday, February 21, 2017

The mining sector is expected to maintain its positive streak in 2017 with various metals including gold being given bullish price targets by market experts. In such a lead-up, companies such as Falco Resources Ltd. (TSX-Venture:FPC) which has interests in various metals such as gold, copper and zinc are in a prime position to benefit from these bullish trends. The company announced early yesterday morning that it was moving ahead with its new exploration programs under its 40,000 meter exploration drill project for 2017. The new project will cover a 668 square kilometer land area in the Rouyn-Noranda Camp, covering eight different areas including the Horne 5 project. The main purpose of this exercise is to discover new mineralization in the prolific past-producing Rouyn-Noranda camp.


Falco Resources plans to undertake several such programs on its various properties including Central Camp Properties, RIMO, Lac Laynes and Flavrian. The exploration work at Central Camp will cover approximately 15,000 to 18,000 metres of drilling. It will also focus on updating the 3D Noranda Camp geological model with a systematic review and testing of existing exploration targets.

These programs are in continuation to the projects undertaken by the company in 2016. Late last year, the company had reported three additional drill results from its Horne 5 Project. its Hole H5-16-09-D and Hole H5-16-19 confirmed a possible displacement of the mineralization to the south. The results led to the company upgrading its mineral resource estimates for the site.

Also in 2016, the company completed a diversified exploration program including prospection, trenching, sampling, mapping, surface geophysical surveys and drilling. With all that work being made, the company is also in the process of boosting its financial standing for the purpose of funding these projects. The company has allocated $10 million for its exploration drilling endeavor during 2017.

Earlier this year, Falco Resources had announced a private placement worth $10.8 million with three strategic investors. These investors are Capital Croissance PME II, s.e.c., SIDEX, s.e.c. and Ressources Québec Inc. The company issued 10.09 million shares at the price of $1.07 a share. Falco Resources plans to use the proceeds for developing its dewatering program related to the development of the Horne 5 Deposit, for regional exploration and for general working capital.

Overall, the company is building upon the work it carried out on its site in the past. The company’s stock price mimicked its performance as it gained 119 percent in the past 12 months. It has maintained the momentum well into the current year as well. However, the current stock price is nearly 30 percent lower than its 52 weeks high of $1.39 as miners experienced a pull-back in the second half of 2016. This pull-back may turn out to be a nice buying opportunity if miners continue to see positive momentum for the remainder of this year.

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